What is 0x (ZRX)?

Trading under ZRX, 0x is an open protocol that allows a frictionless exchange of Ethereum-based assets. As numerous DApps are built on the Ethereum blockchain, 0x intends to be a platform where all the ERC20tokens can be exchanged. As stated in the whitepaper, 0x is a foundation for building decentralized exchanges (DEX) on top of Ethereum. In simple terms, the project works as a building block for any developer needing the exchange functionality. 

Today, almost 90% of the top 100 tokens are built on the ERC20 standard. Also, there are over a thousand tokens built atop the Ethereum blockchain. But many of these tokens are not available in good enough quantities and have low market capitalization. This makes these tokens illiquid. Therefore, thousands of different tokens require a trustless exchange for users. 0x realizes this opportunity and seeks to open the market for these kinds of tokens. The project aims to become an efficient and trustworthy platform to exchange Ethereum tokens. By enabling them to be exchanged for one another, their value can be opened up and used in a combined liquidity pool.

The 0x platform is designed to be a modular and extensible one. The protocol even allows transactions to occur without being verified by the Ethereum main network. The platform also hosts other key features:

• The platform creates a liquid market where investors can get decentralized loans.

• The platform runs a predictions market where investors can speculate on world events.

• The platform allows the tokens to be exchanged without a third party to verify transactions.

• The platform uses smart contracts for different functions and doesn’t require middlemen.

Coming to the token, ZRX is the native token of the 0x platform. ZRX is an ERC20 token and serves as the platform’s cryptocurrency. The token finds its primary utility as a medium to pay the transaction fee (gas fees) on the platform. The gas fee is further used to incentivize users to host and maintain the ledgers of the network. Further, the token is also utilized for the governance of the platform. The holders of the ZRX tokens have the ability to vote on changes to the protocol. 

History of 0x (ZRX)

0x Labs was cofounded by Will Warren and Amir Bandeali in 2016, and the whitepaper was released on February 21, 2017.

The CEO, Will Warren, previously worked in various research positions. He also served as technical advisor to Basic Attention Token (BAT). Amir Bandeali, the CTO, worked in many trading roles before joining 0x. Bandeali has a degree in finance from the University of Illinois.

The ICO (initial coin offering) for 0x took place in August 2017, and the platform managed to raise $24 million. Further, the platform received ample support from investment firms, including FBG Capital, Pantera Capital, and more. 

How Are New 0x (ZRX) Tokens Created?

As per official docs, the holders of the tokens can participate in staking to earn liquidity rewards. Users create staking pools by staking their ZRX tokens. Here users share the rewards in the proportion of their stake. As the protocol runs on Ethereum, the rewards distributed are in ETH, which the user can exchange for ZRX tokens from the platform itself.

Furthermore, 0x uses a governance system for the community. This allows ZRX token holders to participate in governance and create proposals. With this, members can vote to make changes to the members and smart contracts on which the entire system is built.

How Many ZRX Tokens Are There?

ZRX has a maximum supply of 1,000,000,000 ZRX coins.

How to Purchase ZRX Tokens

ZRX can be easily purchased on Coinbase, a secured platform that provides a safe and secure interface to trade and store cryptocurrencies.